Navy is weird. Secured card won't graduate

[aesl1982]

So I've been with NFCU for 3 years, had my nrewards for 2.5 years. I also have CLOC, and two auto loans with navy 66k and 39k. Recently the two auto loans were paid off.  

credit scores have taken a hit the last year sitting around 599 across the board (working on that) however navy approved a new 60k auto loan today, and then approved a cash rewards card for $2300. I dunno if I'm just lucky or if navy likes me, because my scores are trash. Profile is okay these days just super high utilization, and one late payment send me crashing down.  Just confused why they won't graduate the secured card but will give me a cash rewards card. Any ideas? Maybe they will merge them, and in 91/3 I can try for another 

[Anonymous]

It's funny you should mention this because I am in the same situation. I opened up a secured card with them one year ago and it still hasn't graduated, however since then I've opened up their Amex as well as the Go-Rewards. And after requesting a CL increase on both cards, I now have $18,400 in credit between just those two cards.  I also have a $56,000 auto loan with them as well as a $20,000 auto refinance. And for whatever reason that secured card just would not graduate so I actually called Navy today and canceled the card and moved the $300 security deposit into my savings account.  

But the reason I did it was strategic because they only allow you to have 3 cards at one time and I'm certain that doing a cold app with them will result in an unsecured card with a much higher credit limit over the $2,000 which is what the secured card would  have graduated to. My goal is to get the Flagship card and now that I got rid of the N-Rewards card I have an available spot since I only have 2 cards now. I plan on applying for it after the closed card shows up on my credit report and I will keep the group notified of the results. I would never offer unsolicited advice but it's possible that you may want to consider what I am doing as well because there is a much higher probability of you getting another card with a much higher starting limit. Just my two cents. Hope this helps you and I wish you all the best of luck.

[Anonymous]

And I just wanted to clarify from the other post that I actually have a lot more than two cards in my credit portfolio,  but I only have two with Navy.

[Anonymous]

I'm in the same boat, except they won't approve me for anything.

Member since 2015 where they've always been my only bank. I average 10K in direct deposits each month. 1 year SSL loan completed. Secured Visa for 26 months, Secured MC for 18 months. No late payments, average utilization at posting of 3%. I do use them like crazy, essentially like charge cards so that may be my problem.

I "pre-qualify" for everything every time (I know worth nothing) and they won't even approve me for a $500 unsecured card of any variety. 

Honestly starting to think it's time to shut everything down and go elsewhere.

[Remedios]

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@aesl1982 wrote:

So I've been with NFCU for 3 years, had my nrewards for 2.5 years. I also have CLOC, and two auto loans with navy 66k and 39k. Recently the two auto loans were paid off.  

credit scores have taken a hit the last year sitting around 599 across the board (working on that) however navy approved a new 60k auto loan today, and then approved a cash rewards card for $2300. I dunno if I'm just lucky or if navy likes me, because my scores are trash. Profile is okay these days just super high utilization, and one late payment send me crashing down.  Just confused why they won't graduate the secured card but will give me a cash rewards card. Any ideas? Maybe they will merge them, and in 91/3 I can try for another 

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When did that late payment happen and are scores and untilzation in your signature from before late payment?

[collics]

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@Anonymous wrote:

I'm in the same boat, except they won't approve me for anything.

Member since 2015 where they've always been my only bank. I average 10K in direct deposits each month. 1 year SSL loan completed. Secured Visa for 26 months, Secured MC for 18 months. No late payments, average utilization at posting of 3%. I do use them like crazy, essentially like charge cards so that may be my problem.

I "pre-qualify" for everything every time (I know worth nothing) and they won't even approve me for a $500 unsecured card of any variety. 

Honestly starting to think it's time to shut everything down and go elsewhere.

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Had you ever tried a recon?

[Anonymous]

Are all of your CC secured?

[Gollum]

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@aesl1982 wrote:

So I've been with NFCU for 3 years, had my nrewards for 2.5 years. I also have CLOC, and two auto loans with navy 66k and 39k. Recently the two auto loans were paid off.  

credit scores have taken a hit the last year sitting around 599 across the board (working on that) however navy approved a new 60k auto loan today, and then approved a cash rewards card for $2300. I dunno if I'm just lucky or if navy likes me, because my scores are trash. Profile is okay these days just super high utilization, and one late payment send me crashing down.  Just confused why they won't graduate the secured card but will give me a cash rewards card. Any ideas? Maybe they will merge them, and in 91/3 I can try for another 

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Getting approved for a car loan is relatively easy because there are several different ways (interest rate, trade-in, and price of the car) to make money from a car loan, and the car can be repossessed then resold if payments are not made on time. Used car prices are currently high, so even a repossession of a new car leaves room for profit.

Regarding your secured card: I don't know if credit unions deal/whatever in credit card asset backed securities like banks do, but your situation reminds me of a post to this forum on 11-01-2017 about "why some credit card [sic] never grow or graduate:"

https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-w...

[Anonymous]

Same boat. Was just approved for a new cash rewards card but my secured card hasn't unsecured in over a year. 🙄

[RSX]

i think i saw on here recently that someone finally got Unsecured after a 7yr period of time.....

if you want to stay with NFCU and the $ amount that you are out isn't that high, then just keep using it and wait and see what happens

if you want the $ back, then close it